The Carlyle Group and Operae S.p.A. yesterday announced that they have closed the purchase of a 26-building portfolio from Beni Stabili Group, for 255 million. The portfolio is made up of buildings located in the historical centers of the main north-eastern Italian cities, mainly in Milan, Rome and Turin. Most of the office buildings are partially leased by Banca Intesa.
The transaction was carried out by a joint venture owned by The Carlyle Group and Operae. The joint venture is the first strategic alliance developed in Italy by Carlyle's European real estate team with a private company.
Guido Audagna, Managing Director of The Carlyle Group in Italy, said: "The new strategic alliance was created specifically for this acquisition and we look forward to working with the Operae team. This acquisition confirms Carlyle's commitment to real estate investment in the Italian market. The portfolio is made up of very high quality buildings."
Vittorio Casale, General Manager of Operae, added: "I am delighted to work on this transaction in a strategic alliance with The Carlyle Group. We hope to be able to quickly leverage our expertise and experience in selling properties for this portfolio."
The financial adviser on the transaction was Lehman Brothers. Legal advisers were Clifford Chance and Studio Gallavotti Honorati Pascotto. Fiscal advisers were DLA Piper Rudnick Gray Cary. Asset evaluation and the technical-environmental due diligence were executed by REAG. The financing for the acquisition was provided by a group of banks coordinated by Lehman Brothers.
This is the third portfolio acquisition made by Carlyle's European real estate team in Italy. In March 2003 Carlyle acquired the Jupiter portfolio of 36 properties for 230 million from Italy's Ministero dell'Economia e delle Finanze. In November 2004, Carlyle acquired a portfolio of 230 properties for 320 million from San Paolo IMI, in partnership with Immofinanz.
Source: The Carlyle Group